The Dow Jones Industrial Average closed up 0.62% to a 1-month high at the psychological 40,000 level on Friday trading (12/07/24), slightly shifted from the record point of 40,003 reached on May 13, although it had previously reached an all-time high at the intraday level of 40,257.24.
US stock indices fell in Thursday’s trading (11/07/24), despite Inflation data pointing to a slowdown in the US economy that makes a Federal Reserve interest rate cut possible by the end of this year.
Expectations of a Federal Reserve rate cut in September and hopes of a soft landing for the economy were supported by the latest inflation data. US CPI in June fell 0.1% mom, contrary to the 0.1% increase forecast.
The S&P 500 Index closed above 5,600 for the first time on Wednesday, led by the Technology sector and continued hopes for faster interest rate cuts after Fed Chairman Jerome Powell delivered his second statement before Congress, a day before the release of the latest inflation data.
Federal Reserve Chairman Jerome Powell told lawmakers that more “good” economic data would strengthen the case for an interest rate cut. In testimony before Congress, Powell said that while inflation “remains above” the 2% soft-landing target, it has evidently flattened in recent months as the labor market eases to pre-Covid pandemic levels.
The US stock market continued to push higher into their highs, with the S&P 500 and NASDAQ recording record closing highs on Tuesday (09/07/24), for the fifth and sixth consecutive time respectively, driven by gains in NVIDIA shares on optimistic sentiment regarding AI growth after Federal Reserve Chairman Jerome Powell told lawmakers that more “good” economic data would strengthen the case for an interest rate cut.
The market remains cautious ahead of FEDERAL RESERVE CHAIRMAN Jerome Powell’s STATEMENT before Congress and important US Inflation data this week.
The S&P 500 and NASDAQ Composite indexes extended their gains on Monday, closing at all-time highs for the fourth and fifth consecutive sessions, respectively; amid cautious sentiment ahead of FEDERAL RESERVE CHAIRMAN Jerome Powell’s STATEMENT before Congress and important US Inflation data this week.
The stock market ended the week at all-time highs, with traders looking past signals of a slowdown in the world’s largest economy to focus on prospects for Federal Reserve rate cuts.
